Guyana invests $19 million in sugar industry

The government of Guyana has invested $19.3 million to boost the sugar industry, Prime Minister Moses Nagamootoo said Friday.

The new administration is committed to revamping the sector, Nagamootoo said during an address to the National Cane Farmers Conference in Georgetown.

“This year, within days of the new APNU+AFC Coalition taking office, we gave the sugar industry a 4 billion ($19.3 million) bailout after we discovered that not a cent was left with GuySuCo (state-owned Guyana Sugar Corporation) to pay wages,” he said.

The new government has been “forced to appoint a Commission of Inquiry, into the operations of GuySuCo,” the prime minister said.

“It is no secret that the Guyana Sugar Corporation contributes significantly to the country’s economy and society to such an extent that national economic fortunes are inextricably linked with that of the sugar industry and as such, we will ensure it doesn’t fail,” Nagamootoo said.

GuySuCo produced 216,147 tons of sugar in 2014 and expects output to reach 240,000 tons this year.

“Going ahead, we have to not only look at mechanism, but new and improved varieties of sugarcane to increase productivity at the field level along with appropriate investments,” Nagamootoo told the growers.